State Taxation Acts Further Amendment Bill 2019 introduces tax changes

Published on 18 November 2019

The State Taxation Acts Further Amendment Bill 2019 received Royal Assent today, introducing a number of changes to State Acts:

Land Tax Act 2005

• Reinstating the original intent of the primary production land exemption for greater Melbourne urban zones by requiring land owners to carry on the business of primary production for which the land is solely or primarily used, and to be normally engaged in that business in a full-time capacity.
• Extending vacant residential land tax to residential properties in inner and middle Melbourne that have been uninhabitable for two years or more.
• Clarifying that the principal place of residence exemption excludes a beneficiary of an implied or constructive trust.

Duties Act 2000

• Confirming the legislative basis for charging duty on an insured person obtaining general insurance from an overseas insurer. 
• Aligning the primary production requirement for the young farmer duty concession/exemption with changes to the land tax exemption for primary production land in greater Melbourne urban zones.

Gambling Regulation Act 2003

• Establishing a legislative basis for a contribution of a proportion of wagering and betting tax revenue to the ANZAC Day Proceeds Fund.

Valuation of Land Act 1960 

• Setting a 30 September deadline (each calendar year) by which municipal councils must issue valuation notices to ratepayers following the general valuation.

Find out more about these amendments.